A dynamic husband-and-wife Chiropractic team wanted to purchase this beautiful medical office building in central Florida for $1 Million, pictured above. This would give them the facility they dreamed about for their practice and would also allow them to add rental income for additional cash flow. It was a win-win!
The problem is they just weren’t ready for bank financing for a few reasons.
- They had just purchased a few rental properties which were not producing income yet, due to the fact that they were not even built yet. This greatly affected their debt-income ratio which a bank would look on as a big negative.
- Their tax returns were not showing sufficient cash flow quite yet, in order to service this additional debt. However, their business bank statements showed they did have sufficient cash flow to substantiate a loan of this size.
We were able to secure them a stated income loan on this medical office building on a 30-year fixed scenario at 80% LTV. Now they can really have the practice they always wanted and add additional services to their already thriving operation!